602 Executive Center Dr #208 · West Palm Beach, FL 33401

$236,900

2 bd · 2.0 ba · 770 sqft · Condo public records · 158 Days on market

Built 1992 $690/mo HOA · 18% of rent

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +27.1/30.0
• 1% rule +10.0/10.0
• DSCR +9.4/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +4.1/5.0
• Rent growth +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Well maintained 2 bedroom, 2 bathroom condominium located in the Lake Place community in West Palm Beach. This second floor interior hall unit features a functional split bedroom layout, high ceilings, and comfortable living space with natural light throughout. Includes a stackable washer and dryer, a practical open living and dining area, and ample storage. Enjoy both a private patio and balcony that extend the living space and provide a quiet outdoor setting. The community offers amenities including a swimming pool, tennis courts, and clubhouse, along with assigned parking and professionally managed common areas. Conveniently located near downtown West Palm Beach, major highways, shopping

Key facts

• Clubhouse
• Balcony
• Swimming pool

Tags

• PRIVATE PATIO
• BALCONY
• SWIMMING POOL
• TENNIS COURTS
• CLUBHOUSE
• ASSIGNED PARKING

Property features AI

Finance

• Financial info: Pets allowed with size limit (maximum 20 lbs)
• HOA & community: Monthly association fee; HOA covers amenities, common areas, cable TV, grounds and structure maintenance, pool(s), recreation facilities, trash and water; Community amenities include clubhouse, fitness center, pool, spa/hot tub, tennis courts, billiard room and shuffleboard

Exterior

• Parking: One designated parking space
• Security: Complex fenced
• Utilities: Standard electric service; Central heating and cooling
• Home design: Attached property; 2-story building; Entry on second level
• Construction: Block construction; Resale property
• Exterior features: Deck; Patio; Complex is fenced; Heated pool

Interior

• Kitchen: Dishwasher; Electric range; Garbage disposal; Refrigerator
• Bedrooms: Entry located on second floor
• Flooring: Ceramic tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning; Ceiling fan(s)
• Interior features: Blinds on windows; Second-floor entry; Split bedroom layout; Walk-in closet(s)
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $237k.

Deal economics

• At list price, monthly cash flow is $669 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $237k).
• Recommended offer: $208k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.7% vs local median 3.8% in West Palm Beach — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 82/100 on livability (#75 in FL, #1,255 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: employment C-, crime F.
• Palm Beach (suburban): math 46% / reading 53% proficiency, ranked #34 of 73 in FL (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Westward Elementary School (math 30% / reading 29%, grade F, #1,896 of 2,144 statewide, top 90%, 500 students, 81% FRL); Bear Lakes Middle School (math 19% / reading 33%, grade F, #506 of 571 statewide, top 89%, 842 students, 74% FRL); Palm Beach Lakes High School (math 17% / reading 26%, grade F, #546 of 667 statewide, top 82%, 2,688 students, 70% FRL) — zoned schools average 75% FRL vs 52% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 26% at this address vs 50% district-wide (-24 pts) — the specific schools serving this property underperform the Palm Beach average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+5.2%/yr); 507 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 3,974 units permitted in Palm Beach County in 2024 (1,012 in 5+ unit buildings).
• At $3,883/mo this rent would consume 69% of the median local household income ($68k/yr) (locally 2953% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Palm Beach County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 5.2% rent growth), your $66k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 158 days — a 12% lower offer ($208k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $208,472 (12.0% below list)

Questions for the listing agent

1. It's been on market 158 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.64% ✓
• Cap rate: 9.68%
• Cash-on-cash: 12.11%
• DSCR: 1.54
• GRM: 5.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.15% rent growth · sell at horizon

5-year hold

• IRR: 5.0%
• Equity multiple: 1.20×
• Total profit: $13,340
• Equity at exit: $35,323

10-year hold

• IRR: 17.0%
• Equity multiple: 2.59×
• Total profit: $105,426
• Equity at exit: $20,483

Cash invested: $66,332 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Florida: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; landlord-friendly statutes. Court speed varies by county.

Methodology + full state rankings →

ZIP-level market 33401

• Rents YoY: 5.2%
• Active inventory: 507
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $3,883 high
• Mortgage (P&I): −$1,242
• Tax from tax record: −$367 /mo · $4,406/yr
• Insurance: −$99
• HOA: −$690
• Vacancy / Maint / Mgmt: −$815
• Net cashflow: $669

Break-even live

Break-even rent $3,036

Max offer price $236,900

Occupancy floor 78%

Sensitivity live

Price	-10% $803	-5% $736	+0% $669	+5% $602	+10% $535
Rent	-10% $362	-5% $516	+0% $669	+5% $823	+10% $976
Rate	-1.0pp $789	-0.5pp $729	base $669	+0.5pp $608	+1.0pp $545

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $59,225
• Closing costs: $7,107
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
290 Courtney Lakes Cir West Palm Beach, FL	1.0–3.0	1.0–2.0	1069	$2,705	$2.53	21d	19	0.55mi
300 S Australian Ave #1608 West Palm Beach, FL	2.0	2.0	1085	$6,000	$5.53	26d	1	0.74mi
300 S Australian Ave #328 West Palm Beach, FL	1.0	1.0	846	$4,050	$4.79	22d	1	0.74mi
201 Clearwater Dr West Palm Beach, FL	2.0	1.0–2.0	727	$4,653	$6.40	26d	19	0.78mi
201 Clearwater Dr West Palm Beach, FL	2.0	1.0–2.0	731	$6,632	$9.07	12d	16	0.78mi
616 Clearwater Park Rd West Palm Beach, FL	2.0	2.0	1112	$3,348	$3.01	7d	2	0.83mi
616 Clearwater Park Rd West Palm Beach, FL	2.0	2.0	1090	$3,248	$2.98	13d	3	0.83mi
616 Clearwater Park Rd West Palm Beach, FL	2.0	2.0	1130	$3,245	$2.87	4d	3	0.83mi
616 Clearwater Park Rd West Palm Beach, FL	2.0	2.0	1090	$3,348	$3.07	15d	2	0.83mi
616 Clearwater Park Rd Unit Lp01 West Palm Beach, FL	2.0	2.0	1112	$3,495	$3.14	26d	1	0.85mi
921 8th St West Palm Beach, FL	3.0	1.0	1000	$3,395	$3.40	26d	1	1.10mi
630 S Sapodilla Ave West Palm Beach, FL	1.0–2.0	1.0–2.0	948	$3,950	$4.17	26d	2	1.10mi
630 S Sapodilla Ave West Palm Beach, FL	1.0–2.0	1.0–2.0	948	$3,950	$4.17	19d	3	1.10mi
720 S Sapodilla Ave #502 West Palm Beach, FL	2.0	2.0	1120	$3,750	$3.35	26d	1	1.12mi
780 S Sapodilla Ave West Palm Beach, FL	2.0	2.0	1120	$5,125	$4.58	9d	2	1.13mi
609 2nd St West Palm Beach, FL	2.0	2.0	978	$3,325	$3.40	4d	1	1.16mi
609 2nd St West Palm Beach, FL	2.0	2.0	978	$3,015	$3.08	20d	1	1.16mi
609 2nd St West Palm Beach, FL	2.0	2.0	1063	$3,240	$3.05	26d	1	1.16mi
591 Evernia St West Palm Beach, FL	2.0	1.0–2.0	943	$6,321	$6.70	0d	22	1.16mi
651 Okeechobee Blvd West Palm Beach, FL	2.0	2.0–2.5	1050	$3,500	$3.33	23d	2	1.18mi
651 Okeechobee Blvd West Palm Beach, FL	2.0	2.0–2.5	1050	$3,375	$3.21	26d	3	1.18mi
651 Okeechobee Blvd Unit 651 West Palm Beach, FL	2.0	2.0	1040	$3,000	$2.88	18d	1	1.18mi
651 Okeechobee Blvd West Palm Beach, FL	2.0	2.0–2.5	1050	$4,050	$3.86	3d	5	1.18mi
651 Okeechobee Blvd West Palm Beach, FL	2.0	2.0–2.5	1078	$3,998	$3.71	3d	6	1.18mi
651 Okeechobee Blvd West Palm Beach, FL	1.0–2.0	1.0–2.5	887	$5,000	$5.63	15d	5	1.18mi
1500 Centrepark Blvd West Palm Beach, FL	2.0	1.0–2.0	862	$3,015	$3.50	1d	18	1.20mi
1050 Blanche St West Palm Beach, FL	2.0	1.0–2.0	740	$3,374	$4.56	4d	8	1.21mi
550 Okeechobee Blvd Unit Uph-03 West Palm Beach, FL	2.0	2.0	1120	$8,000	$7.14	26d	1	1.30mi
550 Okeechobee Blvd #612 West Palm Beach, FL	1.0	1.0	755	$5,000	$6.62	26d	1	1.31mi
550 Okeechobee Blvd #1409 West Palm Beach, FL	2.0	2.0	1120	$10,000	$8.93	26d	1	1.31mi
550 Okeechobee Blvd #1605 West Palm Beach, FL	2.0	2.0	1120	$4,000	$3.57	6d	1	1.31mi
550 Okeechobee Blvd #504 West Palm Beach, FL	2.0	2.0	1120	$3,700	$3.30	26d	1	1.31mi
550 Okeechobee Blvd #1407 West Palm Beach, FL	2.0	2.0	1120	$4,250	$3.79	26d	1	1.31mi
550 Okeechobee Blvd Unit Lph-06 West Palm Beach, FL	2.0	2.0	1120	$8,800	$7.86	26d	1	1.31mi
550 Okeechobee Blvd Unit Mph-16 West Palm Beach, FL	1.0	1.0	755	$4,800	$6.36	9d	1	1.31mi
550 Okeechobee Blvd Unit Mph-16 West Palm Beach, FL	1.0	1.0	755	$4,800	$6.36	26d	1	1.31mi
480 Hibiscus St West Palm Beach, FL	1.0–2.0	1.5–2.0	885	$4,850	$5.48	26d	3	1.35mi
480 Hibiscus St West Palm Beach, FL	1.0–2.0	1.0–2.0	867	$4,850	$5.59	4d	4	1.35mi
499 Evernia St West Palm Beach, FL	2.0	1.0–2.0	827	$4,114	$4.97	0d	26	1.36mi
333 Fern St West Palm Beach, FL	2.0	1.0–2.0	1121	$5,778	$5.15	0d	1	1.41mi

HOA detail condo

• Monthly dues: $690 · $8,280/yr
• Likely covers: poolparking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-06-21
   days on market $236,900 Active 158 DOM
2. 2026-06-18
   days on market $236,900 Active 155 DOM
3. 2026-06-17
   days on market $236,900 Active 154 DOM
4. 2026-06-16
   days on market $236,900 Active 153 DOM
5. 2026-06-15
   days on market $236,900 Active 152 DOM
6. 2026-06-13
   days on market $236,900 Active 150 DOM
7. 2026-06-09
   days on market $236,900 Active 146 DOM
8. 2026-06-07
   days on market $236,900 Active 144 DOM
9. 2026-06-04
   days on market $236,900 Active 141 DOM
10. 2026-06-03
    days on market $236,900 Active 140 DOM
11. 2026-06-01
    days on market $236,900 Active 138 DOM
12. 2026-05-31
    days on market $236,900 Active 137 DOM
13. 2026-03-16
    price $236,900
14. 2026-01-14
    listed $243,000 Active
15. 2024-05-09
    soldstatus $260,000
16. 2008-12-11
    soldstatus $110,000
17. 1999-11-30
    soldstatus $52,000
18. 1992-12-17
    soldstatus $67,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $4,406 · $367/mo
• Projected year-2 tax: $4,406 · $367/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°F today · 26 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $46,593
• − Mortgage interest: −$13,270
• − Property taxes: −$4,406
• − Insurance: −$1,184
• − Repairs & maintenance: −$3,727
• − Management: −$3,727
• − HOA: −$8,280
• − Depreciation: −$6,892
• Taxable income: $5,106
• Est. tax owed @ 24.0%: −$1,226
• After-tax cash flow: $6,805/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Palm Beach
• NCES district ID: 1201500
• Math proficiency: 46% ▼ -16.00%
• Reading proficiency: 53% ▼ -4.00%
• Median HH income: $53,943
• Composite: 42.72/100
• National rank: #3160
• State rank: #34 of 73 in FL

Livability — West Palm Beach

• Score: 82/100
• State rank: #75
• US rank: #1255

Category grades

Amenities A- Commute A+ Cost of living B- Crime F Employment C- Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: West Palm Beach, FL
• County: Palm Beach County · 1,438,312 people
• City population: 222,012
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 33,698
• Household income: $67,967
• Rent vs Own: 62.5% rent · 37.5% own
• Severe rent burden: 2953.0

Population outlook (Palm Beach County) Hauer SSP2

• Today (2025): 1,637,487 people
• By 2030: 1,743,255 · +6.5%
• By 2040: 1,948,712 · +19.0%
• By 2050: 2,132,979 · +30.3%
• By 2075: 2,530,027 · +54.5%
• By 2100: 2,706,979 · +65.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: White 43% Black 32% Hispanic / Latino 17% Two or more races 11% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3% Cuban 3%
• Common ancestry: Hispanic 6% Slovak 2% Romanian 2%
• Foreign-born: 26% · Canada, Jamaica, China
• Languages at home: 73% English-only · Spanish 13% French/Haitian/Cajun 7% Other Asian/Pacific 2%

Political lean MEDSL · Palm Beach

• 2024 margin: Toss-up / Even · D 50.0% · R 49.2%
• 2008→2024 swing: -22.1pp toward R · 2008: 22.9pp · 2024: 0.8pp
• All cycles: 2024: D+0.8 2020: D+12.8 2016: D+15.3 2012: D+17.0 2008: D+22.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -324.96%
• Current HPI: 367.0978
• Rent YoY: ▲ 5.15%
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

Industry mix (Fortune 500 HQ in FL)

Industry	F500 HQs	Revenue
▸Industrial Technology	2	$29B
▸Insurance	2	$17B
▸Retail	1	$60B
▸Technology Distribution	1	$58B
▸Homebuilding	1	$35B
▸Technology Manufacturing	1	$35B

Price history

+248.9% since first listed

6 events — show timeline

• 2026-03-16 Price Changed $236,900 MARMLS
• 2026-01-14 Listed $243,000 MARMLS
• 2024-05-09 Sold (Public Records) $260,000 Public Records
• 2008-12-11 Sold (Public Records) $110,000 Public Records
• 1999-11-30 Sold (Public Records) $52,000 Public Records
• 1992-12-17 Sold (Public Records) $67,900 Public Records

Property tax history

+7.9%/yr

Latest (2025): $4,406 · +31.2% YoY. Source: county tax records.